Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) that owns a portfolio of luxury and upper-upscale hotel properties. The company generates revenue primarily through hotel operations, with rooms revenue of $428.99 million, food and beverage revenue of $179.54 million, and other hotel revenue of $95.49 million, totaling $704.02 million in hotel revenue for the year ended December 31, 2025. Seven of its 13 hotels carry brands owned by Marriott or Hilton affiliates, including Ritz-Carlton, Four Seasons, Sofitel, Park Hyatt, and Hilton properties across markets including Beverly Hills, Chicago, Lake Tahoe, St. Thomas, and Dorado Beach. BHR is externally advised by Ashford Inc. through Ashford Hospitality Advisors LLC, which charged advisory services fees of $29.19 million in FY2025. As a REIT, BHR is required to distribute at least 90% of REIT taxable income annually, making it reliant on external debt and equity capital for acquisitions and capital expenditures. The company carried total interest expense of $90.84 million in FY2025.

Revenue model

Transactional hotel operating revenue across three streams: rooms (61% of FY2025 hotel revenue), food and beverage (25.5%), and other hotel revenue (13.5%). Properties are owned by BHR but managed by third-party operators under management agreements, with management fees of $21.99 million expensed in FY2025.

Products and services

Ownership of 13 luxury and upper-upscale hotel properties as of the FY2025 10-K filing, including The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Dorado Beach, Four Seasons Resort Scottsdale, Park Hyatt Beaver Creek Resort & Spa, Sofitel Chicago Magnificent Mile, Hilton La Jolla Torrey Pines, Capital Hilton, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Notary Hotel, The Clancy, Cameo Beverly Hills, and Marriott Seattle Waterfront.

Customers and end markets

Luxury and upper-upscale hotel guests, including leisure and business travelers. End markets include high-end resort destinations and urban business travel markets across the United States and the U.S. Virgin Islands.

Value-chain role

Property owner in the hotel value chain. BHR owns the real estate and contracts with third-party hotel managers and brand franchisors, primarily Marriott and Hilton affiliates, for day-to-day operations and brand licensing. External advisory services provided by Ashford LLC under a paid advisory agreement.

Geographic exposure

United States and U.S. Virgin Islands, with properties in California, Illinois, Colorado, Florida, Texas, Washington, Pennsylvania, and St. Thomas (U.S. Virgin Islands), and Puerto Rico (Dorado Beach), based on the hotel portfolio listed in the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-12

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